Five months after Narendra Modi announced the demonetisation decision, the government is in a fix over what to do with the old currency notes. The Reserve Bank of India (RBI) is said to have approached the National Institute of Design-Ahmedabad over how to recycle the shredded currency notes. Nearly 200 kg of shredded currency, also known as ‘briquettes’, has arrived at the NID.
As per a report in the Indian Express, the NID will initiate a nation-wide design competition for college students where they can pitch in ideas for the same. A team headed by NID director Pradyumna Vyas and Pravinsinh Solanki are working to find a solution.
Some of the products that have been created to recycle the old currency include a sheet that can be used on table-top. The other products include a clock, a paper weight etc that will be made from the shredded notes. The NID will now look for “out-of-the-box” ideas from youths.
“The NID was asked by the RBI last month to see what can be done with the shredded notes which also include demonetised currency notes. The RBI’s brief to us was to look into that what can be done with the notes and what can be the right use,” Pradyumna Vyas told the Indian Express.
The shredded currency does not just comprise of the demonetised notes, damaged and soiled notes of other denominations are also a part of the stock. The NID team designated with the job wants to experiment with the ‘briquettes’ and come up with some products.
As per the report, the RBI had also sought NID’s help to create security design motif for the new of Rs 500 and Rs 2,000 notes. The institute has also in past worked in designing the coins that are being used in the Indian currency system. “The only specification would be that the visibility of notes be intact, that it could be useful to humans and have value,” said Solanki.